A top analyst believes that one Solana (SOL) challenger that’s trading under the radar is in the early stages of an uptrend.
Pseudonymous analyst The Flow Horse tells his 188,000 followers on the social media platform X that layer-1 blockchain Sui (SUI) appears to have ended its downtrend after breaking out from a rounding bottom reversal pattern.
“This SUI trend looks like it is just beginning.
Anything that has come out in the last six months and rounded out while retaking key volume levels is on my list of things to be aggressive about.”
At time of writing, SUI is trading at $0.65, down nearly 3% in the last 24 hours.
Next up is the smart contract platform Solana itself, which the trader says looks bullish after market participants showed up to accumulate the dip when it dropped to a weekly low of $52.21.
“So SOL is definitely going higher.
This is a very bullish correction and the spot market is just buying everything.”
At time of writing, SOL is worth $58.30.
Another altcoin on the trader’s watchlist is Chainflip (FLIP), an automated market maker (AMM) that aims to provide users with low slippage for native cross-chain swaps. According to the analyst, FLIP may see more rallies as it gets listed on more crypto exchanges.
“Grabbed some FLIP.
New pair, similar idea to [THORChain] RUNE. No legit perp markets yet, only a few spot listings… I can see this running hard as we see it listed at more venues.”
At time of writing, FLIP is worth $6.04.
Looking at Bitcoin (BTC), The Flow Horse said that the crypto king’s rally to a new 2023 high of $38,189 on Friday looked unsustainable. According to the analyst, traders were fueling the surge by selling their altcoins to participate in BTC’s move up.
“Bitcoin pushing up [on Friday] at the expense of altcoins. More or less expect this type of behavior at key inflection points, as no one wants to be out of BTC when it looks like it might rip. It’s gonna be tough to keep it going above $40,000 on this kind of fuel.”
At time of writing, BTC is trading at $37,742.
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Featured Image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia
This news is republished from another source.
